it's being called the big ask. what are you going to do? >> go on welfare. what else? do like everybody else is doing. >> reporter: here's how the cuts would work. a police officer, firefighter who retired at age 55, after 30 years on the job, would have their pensions cut in half, from about $40,000 a year to just over $20,000. colonel joseph moran has served 27 years on the police force. after contributing 7% of his salary each month, he says he would rather risk his entire mentioiothan vote in favor of this offer. >> when you work and you provide a service for the city, that american dream is maybe a fantasy. >> reporter: and making matters worse, years ago, the town, like many others, opted out of social security for its municipal workers, so, there are no other benefits for workers to fall back on now. the city says it simply can't afford the promises of the past, and if the retirees refuse this option, not only will central falls likely have to declare bankruptcy, but the entire pension system could be in danger. >> it looks a lot better than a beheading. >> repo